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Course details

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Advanced Corporate Analysis, Valuation & Financial Modelling

Master advanced valuation & modelling techniques using a range of learning techniques
  • Company valuation is used for the purposes of investment, M&A and as part of internal measures of financial control. It is extensively applied when companies, both public and private, issue new shares, divest operations or acquire other companies. There are many different approaches to the analysis and valuation of companies and it is paramount to know when and how to apply the appropriate method(s). It is also essential to understand that company analysis is not an absolute science but also based on interpretation and judgment. This highly practical course will lead you quickly from the basics through to the more advanced valuation methodologies and modelling techniques.



    This practical course is taught using formal lectures combined with practical and interactive case studies and exercises to reinforce the concepts covered in each teaching session. Emphasis is placed on you gaining hands­on experience of the various valuation techniques.


    • Investment Bankers
    • Equity Analysts
    • M&A Professionals
    • Fund Managers
    • Treasurers and Finance Directors
    • Commercial Bankers
    • Private Equity & Venture
    • Capital Specialists
    • Business Analysts

  • Day 1

    Session 1: Advanced Financial Analysis and Modelling

    1.1 Forecasting earnings

    • The importance of assessing recurring revenues, operating earnings and net profit
    • IFRS results versus management’s adjustments
    • Eliminating common EBITDA add-ons and re-allocating line items in the income statement
    • Modelling operating leverage and the impact of high fixed costs
    • What to include in finance income and expense
    • What are the key factors that will impact earnings in future?

    1.2 Taxation issues

    • Current tax vs deferred tax
    • Do deferred tax liabilities change the valuation?
    • Estimating the effective tax rate
    • Operating losses: carry-back and carry forward

    1.3 Non-current assets

    • Understanding asset backing and capital intensity
    • Issues in forecasting capital spending
    • Understanding asset lives
    • Forecasting disposals – cashflow and gains or losses on disposal
    • Asset write-downs – how can this affect the valuation?
    • How do intangible assets impact the valuation?

    1.4 Net working capital

    • Components of cash and non-cash net working capital
    • Working capital ratios and their interpretation
    • The relationship between working capital and margins

    1.5 Provisions

    • The different types of provisions and their accounting treatment
    • How can provisions impact valuation?

    1.6 Joint ventures, associates, investments

    • Modelling for j/vs, associates and investments
    • How can j/vs, associates and investments improve or reduce the group valuation?

    1.7 Non-controlling interests

    • Non-controlling interests - impact on equity financing; dividend leakage
    • Discounts to apply to NCI valuations

    1.8 Related parties

    • What are related parties?
    • How related parties can distort results, cause accounting scandals and sharp valuation declines

    1.9 Capital structure considerations

    • Does the book value of equity impact valuation?
    • The impact on valuation of share buy-backs, rights issues and the issuance of convertible bonds, exchangeable bonds and preference share

    1.10 Advanced ratio analysis

    • Calculating and interpreting ratios for the income statement, balance sheet and cashflow statement
    • The importance of ROIC – is the firm creating value?
    • Impact of vertical integration and accounting treatments on ratios
    • Understanding invested capital and ROIC
    • ROIC versus WACC
    • Distortions in calculating ROIC
    • Which ratios for which sectors? Performance linked ratios
    • How to adjust valuations for different ratios

    Day 2

    1.11 Modelling for valuation

    • Review of good modelling practices
    • Setting up a valuation model using DCF, multiples and trading comps
    • Setting up scenarios to change operating and capital structure assumptions

    1.12 Return analysis
    • Working out IRRs, MM, NPVs
    • Working out returns with equity kickers

    Session 2: Defining Enterprise and Equity Value

    • Defining gross debt, financial assets and net debt
    • Dealing with non-available financial assets
    • Dealing with retirement liabilities
    • Adjusting for off balance sheet liabilities eg contingent liabilities, receivables funding, operating leases, vendor funding, recourse financing, letters of credit, performance guarantees etc
    • Adjusting equity value for non-controlling interests
    • Adjusting equity value for different classes of equity shares (eg voting and non-voting)

    Session 3: Relative Valuations Based on Multiples

    3.1 Equity multiples

    • The key drivers and users of equity multiples
    • Calculating and interpreting PE, PEG and NAV multiples
    • Dividend yield valuations – forecasting dividend growth and cuts
    • When to use each type of equity valuation method
    • Complications caused by NCI and by potential dilution
    • Valuation adjustments for balance sheet items that are not reflected in net income

    3.2 EV multiples

    • The key drivers and users of EV multiples
    • Calculating and interpreting EV/EBITDAR, EV/EBIT, EV/revenues multiples
    • Recalculating EV to assess the underlying multiple: excluding non-operating assets, adjusting for leases and NCI

    3.3 Case studies

    • Valuing firms in different sectors using a range of multiples
    • Setting up a comparables table using the Excel functions: min, max, average, median

    Day 3

    Session 4: DCF and Cost of Capital

    • Background to DCF valuations

    4.1 Calculating and forecasting free cashflow to firm

    • Defining and estimating underlying free cashflow to firm
    • Common mistakes in assessing free cashflow to firm

    4.2 Perpetuity valuations

    • PV using the Gordon Growth Formula
    • What is an appropriate terminal growth rate?
    • PV using valuation multiples
    • Assessing the ROIC and WACC embedded in the PV

    4.3 Further considerations for cost of capital

    • Brief overview of WACC
    • Calculating the cost of different types of debt and quasi-debt; dealing with different currencies and maturities
    • Assessing the market risk premium (MRP)
    • Assessing the MRP for firms operating in different countries
    • Assessing betas – are they a useful risk measure?
    • Un-levering and re-levering the beta
    • Is it reasonable to change the WACC every year?

    Session 5: Other DCF methods and EVA

    5.1 Other DCF methodologies

    • Modelling a three stage DCF
    • Modelling adjusted present value DCF
    • Calculating equity value using DCF
    • Backing into the terminal growth rate embedded in an existing valuation – is it reasonable?

    5.2 EVA as an alternative to DCF

    • Definitions
    • The mathematical equivalence of EVA and DCF
    • Using EVA to better understand value creation
    • The potential pitfalls of EVA
    • Valuing a firm using an EVA model

    Session 6: Valuing high growth firms

    • What influences the valuation of high growth firms
    • Overview of fast growth firm successes and failures
    • Fading ROIC and growth; choosing an appropriate fade period

    Course summary and close

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme


  • Sarah Martin

    Banks and other financial institutions can lose billions of dollars annually due to their failure to analyse and anticipate credit risks correctly. That's where my training course comes in.


    Former Executive Director of CSFB and Lehman Brothers, the Course Director has spent seventeen years working as an investment banker in Europe and the US. She has principally worked in the credit markets and has experience of the US and European high grade and high yield markets, the European new issue markets, the Asian convertible bond markets and of corporate restructurings of distressed credits. She specialised in the telecoms sector and was closely involved in the structuring, raising and/or trading of bank and public debt for telecoms companies in many countries, including Europe, South Africa, Asia and Latin America. She also has extensive experience of corporate finance transactions, including mergers, disposals, privatisations, IPOs and capital raisings. Until 2003, she was an Executive Director at Lehman Brothers in Fixed Income Research in London, having also worked for CS First Boston and Kleinwort Benson. She now works on an independent basis advising the legal and private equity professions on credit analysis and company valuation. She has a degree in economics from the London School of Economics and stock exchange qualifications from London and New York.


VOCO Dubai Hotel

This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the:

VOCO Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates

Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.

You can also view other recommended hotels on this map: